Aluminium yesterday traded with the positive node and settled 0.09% up at 114.2 with LME aluminum prices climbed continuously after opening at USD 2,510/mt, and finally closed at an intraday high of USD 2,524/mt, up USD 28/mt compared with the previous trading day. LME aluminum inventories fell by 4,725 mt to 4,594,725 mt the gains in the aluminum where limited as compare with other base metals prices. Inflationary pressure is eased; the upward momentum in aluminum prices will strengthen. For today's session market is looking to take support at 113.4, a break below could see a test of 112.5 and where as resistance is now likely to be seen at 114.7, a move above could see prices testing 115.2.

Trading Ideas:

Aluminium trading range is 112.5-115.2.

China unwrought Aluminium imports showed significant bounce for the month ended January

Aluminium is taking support at 113 and resistance at 115.40 level.

Aluminium daily stocks at Shanghai exchange came up by 6121 tonnes.